Above Food Corp. is set to buy better-for-you wheat products brand GoodWheat from Arcadia Biosciences.
Canada-based Above Food will pay $4m net for the pasta and pancake mixes business from the food and beverage group.
The GoodWheat brand was launched in 2018 in a effort to help consumers increase their fibre intakes. Arcadia introduced five varieties of GoodWheat pasta in June 2022, followed by six varieties of pancake mixes and single-serve instant pancakes named Quikcakes in August 2023. Three varieties of macaroni and cheese were launched in November 2023.
GoodWheat products are available on more than 3,500 shelves nationwide and on Amazon, according to a statement.
“We see this as the beginning of a partnership between Arcadia and Above Food to accelerate scaling Arcadia’s wheat IP,” said Stan Jacot, president and CEO of Arcadia.
“The GoodWheat brand fits perfectly into Above Food’s nutrient-dense, plant-based consumer product and specialty ingredient portfolios. Above’s vertically integrated, farm-to-fork identity preservation system, reinforced by Above’s owned assets could provide efficient commercialisation of Arcadia’s wheat IP in the future,” he added.
“This transaction enables us to monetise our IP early while we continue to pursue other crop licensing and royalty streams.”
The move marks Above Food’s second move in a year, after it bought plant-based foods supplier Atlantic Natural Foods last May as part of its IPO.
Lionel Kambeitz, CEO for Above Food, said in statement yesterday (16 May): “Consumers are asking for delicious foods that are better for you. The use and the advancement of this existing non-GMO GoodWheat IP for the planting seeds utilised in Above’s grower supply chain, will serve the needs of these health and quality-conscious consumers.
“Building better for you foods begins with the grower producing grains from the highest quality, non-GMO seeds. Above’s identity-preserved field-to-fork supply chain ensures the quality and security of these grains.”
Arcadia discussed a potential takeover of the company during an earnings call last August, having announced a strategic review of the company a month prior which “focussed on maximising long-term shareholder value”.
In the group’s opening quarter of 2024, it reported $1.26m in revenues, up from $1.23m. Loss from continuing operations improved 21% to $3.06m while net loss attributable to common stockholders jumped 74% to $2.42m compared to the previous year.
